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  "documentTitle": "Zebra Technologies Corp. (ZBRA)",
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      "text": "1) Reflexis and Antuit acquisitions were software businesses. CEO gave insights into service and software mix at the Bernstein conference on June 1, 2023",
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      "text": "gross margin: 73.2%",
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      "text": "Approximately 20% of Zebra's revenue is services and software. We estimate 10% is supplies and 10% traditional software as a service (“SaaS”) revenue which has mostly been acquired.(1) However, we think it is a risky revenue stream given it is tied mostly to retailers. While Zebra has done a good job expanding services and software and services and software gross margin to 53.7%, the margin profile is materially below the 73.2% peer average (bottom left chart). Furthermore, software and service revenue growth has sharply declined to low single digits in the past few years (bottom right chart).",
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      "text": "So our first primary focus around Software as a Service really is around the retail associate. We've got lots of other software offerings around RFID, around a robotic solution and others, but we've talked about it being more retail focus today.",
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      "text": "So our first primary focus around Software as a Service really is around the retail associate. We've got lots of other software offerings around RFID, around a robotic solution and others, but we've talked about it being more retail focus today. — CEO Burns, MS Conference March 6, 2023",
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      "text": "Source: Visible Alpha, Factset, Company filings, Needham Research",
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